Bill > HJRes53

This joint resolution seeks to disapprove a rule proposed by the Securities and Exchange Commission (SEC) related to Form N-PORT and Form N-CEN Reporting and Guidance on Open-End Fund Liquidity Risk Management Programs. Specifically, the resolution declares that the SEC's rule published in the Federal Register on September 11, 2024, shall have no force or effect. Open-end funds are investment vehicles like mutual funds where shares are issued and redeemed directly by the fund, and the resolution targets specific reporting requirements and guidance for managing liquidity risks in these types of funds. By using the congressional disapproval mechanism under Chapter 8 of Title 5 of the United States Code, Congress is exercising its authority to nullify a federal agency's rule, effectively preventing the SEC's proposed reporting and guidance requirements from being implemented.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-joint-resolution/53/all-info